In US Congressman Warren Davidson, Bitcoin has a high-level US political advocate. On Laura Shin’s Unchained podcast he shares his views on Bitcoin, central banks, the economy, and crypto regulation.
Davidson still thinks that Bitcoin is a great store of value. He also criticizes central bank money printing, a longtime bugaboo of Bitcoin proponents. The Congressman notes how excessive money printing just dilutes the value of people’s money. Some of his comments are right out of the Bitcoin maximalists’ playbook. But not all. He draws the line when it comes to the idea of Bitcoin challenging the dollar or other fiat currencies.
“I think if you had Bitcoin as your national currency you would see the lack of flexibility that would provide for a central bank in a situation like this. I view Bitcoin personally kind of like digital gold versus a true currency. I think it’s a great store of value.”
Davidson sponsored the Token Taxonomy Act of 2019, proposed legislation to classify cryptoassets as a class apart from securities. It still has not been passed into law and Davidson is not optimistic about its prospects.
As he sees it, the main obstacle in the way is Brad Sherman, the new chairman of the Capital Markets Subcommittee. Sherman is known in blockchain circles as Crypto Dracula, primarily because he sucks the life out of any cryptocurrency innovation that falls within the range of his undead gaze.
“It’s safe to say that as long as he’s in that chairmanship, it’s going to be a challenge to move legislation.”
Interestingly, Davidson doesn’t own any Bitcoin himself. He sees it as a conflict of interests owing to the fact that he is a political figure and public advocate of the cryptocurrency asset class. Technically, it’s not illegal for him to buy Bitcoin. But, like so many trying to legitimize crypto, he’s playing it straight in order to keep up appearances. Many of us in crypto think this viewpoint is backward and stodgy. If he really believed in it, he’d own some.
So, Mr. Davidson, go ahead and buy yourself some Bitcoin. We won’t tell.